Faroe 'disappointed' at Goanna well

09:31 12/09/2017
StockMarketWire.com - Faroe Petroleum said it was disappointed that no hydrocarbons were present in the Goanna prospect but results provided important new data which allowed further evaluation of this new area.

Drilling reached the target depth on the exploration well 33/9-22 S (Faroe carried interest 30%) in licence PL 881.

Faroe said the Goanna well, which had been drilled to a total depth of 2,730 metres, encountered approximately 49 metres of gross water bearing reservoir in the primary target, the Upper Jurassic Munin Formation sandstones.

It said data acquisition including logging and pressure points had been carried out.

Faroe said the Goanna exploration well, operated by Wellesley Petroleum (70%) using the semi-submersible drilling rig Deepsea Bergen, was now being plugged and abandoned as planned.

It said the well cost was expected to come in below budget and as such Faroe's associated costs would be fully carried by its joint venture partner.

Chief executive Graham Stewart said: "While we are disappointed that no hydrocarbons were present in the Goanna prospect, the well provides important new data and information which will allow further evaluation of this new area for Faroe, and in addition the company's associated drilling costs have been fully covered.

"Our exploration programme continues with the Iris/Hades (Aerosmith) exploration well and Fogelberg appraisal well scheduled for the end of the year and the beginning of 2018, taking advantage of low drilling costs and Norwegian tax incentives."

At 9:31am: (LON:FPM) Faroe Petroleum PLC share price was 0p at 97.5p


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